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Will Bone ShibaSwap reach $2 again?

2min Read

The positive MVRV showed that profit-taking activity could push prices lower in the coming weeks but the mean coin age uptrend meant buyers remained dominant.

Will Bone ShibaSwap reach $2 again?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • BONE was bullish on the higher timeframe charts but there was heavy resistance near the $1.9-$2 levels.
  • The lower timeframe charts showed that a move below $1.6 could see a sizeable retracement.

Bone ShibaSwap [BONE] ranked fourth on the list of meme coins sorted by market cap, according to CoinMarketCap. The token embarked on an impressive rally in June and has not halted yet.

How much are 1,10,100 BONEs worth today?

The price action showed that further gains were possible, but the higher timeframe resistance below the $2 level could slow down the progress of the bulls. What scenarios can BONE swing traders plan for?

A fair value gap at $1.35 could attract BONE southward

Bone ShibaSwap [BONE] surges past $1.5, should buyers wait for a retracement?

Source: BONE/USDT on TradingView

Fair value gaps, or imbalances left during a strong move, were something that BONE has made a habit of going back to fill. The most recent one at $1.135-$1.375 was an imbalance that was not yet filled. The previous gaps, such as the ones left on 3 July or 7 July, have both been filled.

The $1.35 region also coincided with the resistance zone at $1.4 that BONE ran into in the first week of July. Hence, a move lower toward this region could offer a buying opportunity. At the time of writing, the market structure on the 1-day chart was firmly bullish.

The RSI showed strong bullish momentum and the OBV has trended higher since mid-June. This reflected buying pressure that drove prices higher.

The red box from $1.61-$2.1 represented a bearish order block on the weekly chart from February. BONE has already entered this resistance zone. Therefore, if we see a bearish structure break on the daily chart, it could be the first sign of rejection.

On-chain metrics showed accumulation and signaled further price gains were likely

Bone ShibaSwap [BONE] surges past $1.5, should buyers wait for a retracement?

Source: Santiment

The mean coin age has been on an uptrend since April. Even though it saw a sharp drop in July, it bounced back. This showed an accumulation of BONE across the network, but the high MVRV ratio was a concern.

Is your portfolio green? Check the Bone ShibaSwap Profit Calculator

The positive MVRV showed profit-taking activity could push prices lower in the coming weeks. The active deposits did not show a large spike, and traders can keep an eye on it. Such a spike could precede a sharp price drop, such as the one that occurred on 8 July.

The lower high from March at $1.87, marked in orange, was a level that could be important again. A rejection from the $1.6-$2 higher timeframe resistance could retrace to $1.4 before rallying again. Alternatively, if the selling pressure is too great it could push BONE back to the $0.9-$1 area.


Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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